a trading update from African Bank, our preferred consumer finance entry into the local market. The biggest area of growth in our opinion. First things first, sales update: "Sales for the quarter ended June 2010 increased by 29%, resulting in sales growth of 6% for the nine months ended June 2010. While some of the better sales performance relates to general buoyancy in the market in the lead up to the World Cup, it is clear that the reinvigoration of the front-end, combined with product enhancements has also contributed."
"Relative to March 2010, average loan size increased by 9% to R8 569 and term by 5% to 43 months. The number of loans showed positive growth relative to the previous quarter, but remained lower than last year. The Bank achieved a steady increase in the number of new customers it attracts, notably within the credit card portfolio." That sounds better to me. And sounds, like Capitec, that the "bottom end" of the consumer finance market is in their favour. Strange, because the opposite would be true in many parts of the developed world.